So for risk-averse investors who expect the euro to fall and want to maximize their investment returns, but don’t want to go outside Europe itself, heading north to Sweden and Norway appears to be the only option. And it shows.

On Wednesday the euro was pushed down to both a 12-year low against the Swedish krona and a nine-year low against the Norwegian currency. Investment flows into the two Scandinavian countries have accelerated over the last couple of months as the crisis in the euro zone has continued to show little sign of an early resolution.

Over the last few days the flows have intensified further as recent economic data has suggested that the slowdown in most parts of the euro zone could be spreading to Germany as well, making the euro even less attractive.

In the past, euro bears may well have turned to the Swiss franc or even the British pound as an escape for the euro. But with the Swiss National Bank still pursuing an aggressive policy of capping the franc’s rise against the euro and with the U.K. economy slipping back into recession this year, both the franc and sterling have lost some of their luster.

So, euro bears wanting to keep their money within Europe have seen the ‘Scandies’ as the only alternative — both Sweden and Norway offer interest rates at a premium relative to the euro zone, with key rates in both countries at 1.5%, double the 0.75% on offer in the currency bloc.